U.S. Federal Reserve chair Alan Greenspan offered a positive of the state of the U.S. economy today during an appearance before a U.S. congressional committee.

“The U.S. economy seems to be on a reasonably firm footing, and underlying inflation remains contained,” Greenspan said in his testimony..

“The most recent data support the view that the soft readings on the economy observed in the early spring were not presaging a more-serious slowdown in the pace of activity,” he said. “Consumer spending firmed again, and indicators of business investment became somewhat more upbeat.”

Greenspan also repeated the Federal Reserve’s recent refrain that it will continue to raise interest rates “at a pace that is likely to be measured.”

The U.S. central bank has gradually raised U.S. interest rates eight times in the past year, bumping up the federal funds rate — what banks charge each other for overnight loans — to 3%.

Another quarter of a percentage point hike is widely expected by economists when the Fed makes its next policy announcement on June 30.